The Tech Council of Australia (TCA) has expressed support for the Federal Government’s strategic review of Australia’s research and development (R&D) sector, aiming to enhance productivity and drive economic growth.
Minister for Industry and Science Ed Husic, announced today that Robyn Denholm, Chair of the Tech Council Board, will lead an independent panel tasked with delivering recommendations to strengthen the nation’s R&D framework.
Damian Kassabgi, CEO of the Tech Council, emphasised that the review represents a critical opportunity for Australia to harness the full economic and productivity potential of R&D.
“A strategic approach to R&D will foster competition, attract investment, and contribute to a more productive and resilient economy,” he said.
Kassabgi also highlighted that Australia’s productivity decline poses a significant challenge to its economy.
“To continue enjoying our standard of living, which is among the highest in the world, Australia needs to focus on improving productivity growth,” he added.
“Lifting investment in R&D can help us turn this around. To maximise the economic and productivity gains, we need a strong R&D system that encourages innovation and supports companies to transform world-class research into commercial success.”
While countries around the world continue to boost their investment in technology, Australia’s tech spending is forecast to decline unless urgent action is taken.
Research from the Tech Council, released in November, suggests that increasing R&D and technology adoption could add up to $167 billion to Australia’s GDP by 2035 through productivity gains.
Robyn Denholm, who will chair the review, said she was honoured to lead the independent panel.
“On behalf of the Tech Council of Australia (TCA), I commend the Government for initiating this independent review to enhance Australia’s R&D framework,” she said.
Denholm added, “A robust and forward-looking R&D ecosystem is vital to driving innovation, fostering economic growth, and establishing Australia as a global leader in technology.
The review will continue until 31 December 2025, with recommendations aimed at strengthening Australia’s position in the global innovation landscape.
